All things considered not to bad.
GETGO Mail.com, Inc. Announces Financial Results for the Nine Months Period Ended September 30, 1999
HONG KONG--(BUSINESS WIRE)--Jan. 11, 2000--GETGO Mail.com, Inc. (Nasdaq: GTGO - news), a leading distributor of semiconductor components, golf equipment products in Hong Kong, Macau, and China, and a developer of Unified Messaging communications products in the United States and Asia, announced financial results for the nine-month period ended September 30, 1999.
Net sales for the nine-month period ended September 30, 1999 were US$14,080,287, a decrease of 16.38% from net sales of US$16,838,504 for the comparable nine-months ended September 30, 1998. The Company's gross profit on sales for the nine-month period ended September 30, 1999 was US$2,399,204 compared to US$2,678,681 for the comparable period in 1998, a decline 10.43%. Operating expenses decreased 15.14% to US$2,240,048 for the nine-month period ended September 30, 1999 from US$2,639,586 for the comparable nine-month period in 1998. Operating income increased 307.1% from US$39,095 for the nine-month period ended September 30, 1998 to US$159,159 for the nine months ended September 30, 1999. Net income increased from a loss of US$122,227 for the nine-months ended September 30, 1998 to a profit of US$75,005 for the nine months ended September 30, 1999.
Edward Ting, Chairman and Chief Executive Officer of GETGO Mail.com stated, ``We believe that the Asian economic turmoil experienced over the last 24 months is mostly behind us and we are experiencing improvements in both product demand and sales margins. Our 2-year-old strategy of diversifying our product offerings to include higher margin products and use our design-in capabilities to add value to the products we distribute has allowed us to retained and strengthen our current customer base, attract new customers and run our business more efficiently. It has also allowed us to pursue exciting new opportunities in the United States and Asia in the rapidly expanding Unified Messaging category as a result of our proprietary patent license agreements with Visual Access Technologies, Inc. This technology allows for the remote access and storage of voice files on an e-mail platform with original caller identification. While growing our traditional business lines in a much improved market environment in Hong Kong and China, we are making great strides at bringing to market in the United States the first dedicated credit card size Unified Messaging mail product designed to provide inexpensive remote access to e-mail, voice mail and fax mail.'
During the past 12 years as a public company, GETGO Mail.com, Inc., formerly Electrocon International, Inc., has established itself as a significant distributor of semiconductor products, integrated circuits, programmable logic devices as well as cell components and chips with gate arrays. In October 1999, the Company changed its name to reflect its new strategic focus on Unified Messaging as a result of the Company acquiring license to use the Visual Access platform in the United States and Asia. For additional information on the Company, please log on to www.getgomail.com or contact LKS Consulting, Inc. at 303/790-8042 or LKSconsult@aol.com. For product information or marketing partnership opportunities, contact Brenmark Marketing at 818/865-2000 or mbrenmark@aol.com. |
